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Sep 18, 2012
09/12
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, not quite as bad issues in europe. vw plays interesting. the reason we like vw globally, while ford is moving the platforms, saw that with the fusion, vw has been there and moving to the next frontier in product develop which is around modular tool kit. >> mickey, give me your thoughts, especially as it pertains to europe. you mentioned the new challenge and ongoing challenge for whoever is in the corner office at ford and gm is fixing europe a lot of people are trying to fix europe with very little success. >> that's right. one of the only advantages general motors has there is that its european crisis happened earlier. it has been about a year now that opal had severe problems in europe and general motors had a chance to get inside opal and see what needs to be done. might not be an easy fix. we have been a waiting for the turn around plan and yet to see the details. ford sort of dropped a bombshell during its second quarter earnings report when it said it will lose $1 billion in europe this year and in fact, losing
, not quite as bad issues in europe. vw plays interesting. the reason we like vw globally, while ford is moving the platforms, saw that with the fusion, vw has been there and moving to the next frontier in product develop which is around modular tool kit. >> mickey, give me your thoughts, especially as it pertains to europe. you mentioned the new challenge and ongoing challenge for whoever is in the corner office at ford and gm is fixing europe a lot of people are trying to fix europe...
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Sep 10, 2012
09/12
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that's exactly what's going on in europe today. everyone's hiding in all the safe stocks. >> if i buy your argument -- hiding in the safe stocks. the heinekens, the nestle's -- >> staples and so on. >> are you arguing for max profit you should get unsafe? >> exactly. risk is on. you want to move more aggressively in europe and out of those safe stocks -- >> let's say i don't have the nerve to put all of my money into a deutsche bank or whatever. how do i do it? >> well, again, going back to qe1, the market was up 60%. financials were up 80%. materials were up 90%. i think you can simply buy the sectors, buy an etf or whatever on the european financials. that's going to be a big play. >> an ishares -- >> that's right. you take out the single stock risk but you're trying to play a very depressed group. financials in europe are trading within the boss tomorrbottom. >> let's talk about the prospect for easing here in the united states. you point out that qe1, we had a big pop. qe2, we had a less big pop. if there is more easing on the
that's exactly what's going on in europe today. everyone's hiding in all the safe stocks. >> if i buy your argument -- hiding in the safe stocks. the heinekens, the nestle's -- >> staples and so on. >> are you arguing for max profit you should get unsafe? >> exactly. risk is on. you want to move more aggressively in europe and out of those safe stocks -- >> let's say i don't have the nerve to put all of my money into a deutsche bank or whatever. how do i do it?...
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Sep 19, 2012
09/12
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i told you we were looking at europe. we've actually added to european exposure for our client portfolios. europe was easy as kind of the unilateral trade to not trust because of policy. the issues we've seen in the last two weeks to me have taken a large part of the left tail risk in the crisis out of it. he put a bazooka out there. you hope it is insurance and he doesn't have to use a lot of it but it is out there. >> speaking of ba skzookas aime right at the heart of the u.s. economy. now that we know what's going on in europe and what bernanke is doing is turning very unmistakably to the fiscal cliff. does that have you worried? >> it does. i think the huge take-away catchphrase, the fiscal cliff is not y2k. washington is not as well prepared. y2k was a non-event to us because we spent three, four years putting tech budgets in place to make sure we bridge it. intermediate concern in the next two months markets have the assumption we will fight but resolve. i do think we'll resolve it but depending on how the elections
i told you we were looking at europe. we've actually added to european exposure for our client portfolios. europe was easy as kind of the unilateral trade to not trust because of policy. the issues we've seen in the last two weeks to me have taken a large part of the left tail risk in the crisis out of it. he put a bazooka out there. you hope it is insurance and he doesn't have to use a lot of it but it is out there. >> speaking of ba skzookas aime right at the heart of the u.s. economy....
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Sep 6, 2012
09/12
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how did europe fare? very similar. the benchmark 10-year up 7 basis points from the 24-hour chart and then very similar on the chart. here they sit at 155. the your ro currency is a big surprise. had a bunch of u-turns and trading at 126.30. should it close here, it would still be a fresh high close going back to the beginning of july. so the bazooka is working, sue. back to you. >> so far anyway. we should note the dow up and transports almost 100 points which brian, as you know, would confirm some dow theories. >> absolutely. you know, obviously, we wonder where we go from here after rallying today. see what happens in to the jobs report. i want to talk about the battle for the diet dollar. diet drugs considered to be a huge market that's on the way. credit suisse not sort of waiting to take sides. they initiated orexigen at an outperform and arena at a not perform. up 12% and 3.5% to the downside for arena. see what's baked in here. you have up 243% and look at arena with today's slide. upside based on when's ahead
how did europe fare? very similar. the benchmark 10-year up 7 basis points from the 24-hour chart and then very similar on the chart. here they sit at 155. the your ro currency is a big surprise. had a bunch of u-turns and trading at 126.30. should it close here, it would still be a fresh high close going back to the beginning of july. so the bazooka is working, sue. back to you. >> so far anyway. we should note the dow up and transports almost 100 points which brian, as you know, would...
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Sep 26, 2012
09/12
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you have protests in europe. boeing ceo warning a slow down in china could whack us and your market is calling for a 15 to 25% drop in stocks. he's here and so is bond king bill gross. forget the packers game. we have three big companies throwing hail mary passes of their own. barnes & noble, rim and radio shack are going for the long ball. whether it will work. ,
you have protests in europe. boeing ceo warning a slow down in china could whack us and your market is calling for a 15 to 25% drop in stocks. he's here and so is bond king bill gross. forget the packers game. we have three big companies throwing hail mary passes of their own. barnes & noble, rim and radio shack are going for the long ball. whether it will work. ,
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Sep 11, 2012
09/12
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or north america and europe. so i'm more likely talking about 2000 in the short term. >> what about demand versus supply. are you actively finding new supplies? if so, where and how much is it costing you to extract that metal, given the price of gold right now? >> well, i think first thing to say is supply has been very tough. it's tough to get access to areas that have gold. mines currently operating are mature so production has been tough to improve upon. so across the industry it has been very flat for the last seven or eight years and it is probably going to get tougher, given we are not getting the access to the ground we'd like. as a company, we have been very successful. at an industry level it has been very tough. i don't think supply will do much despite the increasing pricing. >> you have been returning 3 to 4% for investors since 2008. how do you do that? >> we have done a lot of works success envelope explore ray restructured businesses and taken more a manufacturing industry approach to the way we r
or north america and europe. so i'm more likely talking about 2000 in the short term. >> what about demand versus supply. are you actively finding new supplies? if so, where and how much is it costing you to extract that metal, given the price of gold right now? >> well, i think first thing to say is supply has been very tough. it's tough to get access to areas that have gold. mines currently operating are mature so production has been tough to improve upon. so across the industry...
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Sep 7, 2012
09/12
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. >> does it overshadow or take precedence over europe? now that we have some details of draghi, does europe recede in to the background a little bit? >> europe might a little bit until you get spain, italy and don't ask for the help and then the ecb doesn't launch the program they said. for them to launch, they need them to ask for help. if they don't ask, then it's not going to happen. right? >> right. they have to agree to it. >> they have to agree. to the strict obligations. and then nothing happens. draghi said it and doesn't launch it because they don't ask -- >> i want most of all for qe to work. i mean, the bane argument is -- >> can't argue with that. >> that's the principle problem i have with it. better start working better. >> should be a policy response of the administration which you're not going to get right now and the only policy response is from the fed because you're not going to get it out of washington right now because they're in the middle of the election. no policy response. >> thank you. see you all later. we are m
. >> does it overshadow or take precedence over europe? now that we have some details of draghi, does europe recede in to the background a little bit? >> europe might a little bit until you get spain, italy and don't ask for the help and then the ecb doesn't launch the program they said. for them to launch, they need them to ask for help. if they don't ask, then it's not going to happen. right? >> right. they have to agree to it. >> they have to agree. to the strict...
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Sep 27, 2012
09/12
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you talk about the little piggies in southern europe. you go ahead with it. >> they went wee, wee, wee -- >> the new game is called bad piggies. this is an acronym used on wall street for portugal, ireland, italy, greece, and pain spain. piigs. two is there. let's give you the state of where they are right now. and the best way we thought was their ten-year yields. let's see if we can zoom in just a little bit here. portugal, their ten-year is yielding 8.9%. italy nearly 5.2%. here's what i think is the most interesting. ireland at 5.1. matching italy. even though ireland has had a full bailout, they seem to have the country that's coming back the most. they've actually been able to borrow money, which is unlike greece. spain still can borrow money. look at the yield on greece. 20%. this is the new debt, guys. right? so a lot of people think they're even going to default on their new debt. spain is yielding 5.9%. let's give you a look at where they stand when it comes to unemployment. pretty horrendous across the board. portugal 15%, ita
you talk about the little piggies in southern europe. you go ahead with it. >> they went wee, wee, wee -- >> the new game is called bad piggies. this is an acronym used on wall street for portugal, ireland, italy, greece, and pain spain. piigs. two is there. let's give you the state of where they are right now. and the best way we thought was their ten-year yields. let's see if we can zoom in just a little bit here. portugal, their ten-year is yielding 8.9%. italy nearly 5.2%....
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Sep 28, 2012
09/12
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i think there's the fiscal cliff, there's europe, there's china. so a lot of the headlines that we see are fairly negative. but the fact that everyone is at a point where they are underweighting equities relative to bonds more than they ever have tells me equities could actually surprise to the up side. >> it doesn't sound like you are all that worried about the overhang of europe into next year, especially if we're starting to see some progress from spain. >> so europe i think is starting to be discounted in the numbers. if you look at earnings revisions we've noticed that trends for companies with a lot of european exposure, they've already seen pretty big hits to earnings expectations. so i think that a lot of that has actually sort of worked its way into the market. what i'm a little bit more worried about is the cliff, the fiscal cliff. we've been looking at kind of guidance from corporations and seeing where they're seeing the biggest risks. what i find pretty amazing is that nobody's been talking about the fiscal cliff up until last quarter.
i think there's the fiscal cliff, there's europe, there's china. so a lot of the headlines that we see are fairly negative. but the fact that everyone is at a point where they are underweighting equities relative to bonds more than they ever have tells me equities could actually surprise to the up side. >> it doesn't sound like you are all that worried about the overhang of europe into next year, especially if we're starting to see some progress from spain. >> so europe i think is...
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Sep 13, 2012
09/12
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it was hammered basically from the start in europe. it's not as bad but similar with bae systems, down about 6% on the day. the questions that are coming out of europe primarily today follow a couple of analysts over there who have cut their ratings for bae and eads basically on skepticism that this deal is going to produce the benefits that many people have initially thought. the analysts are concerned about the complex ownership structure. you've got france, you've got germany, and now you'll have britain brought into the ownership structure of a joint company. that accommodation is aimed at greater access to u.s. defense market. even some analysts here are saying maybe there aren't the synergies initially thought. >> there's not a lot of new things to gain for an eads. it's a little hard to see how they're going to kind of make the kind of returns in a u.s. market to warrant all the costs involved in this merger. >> let's look at the other defense stocks. you aren't seeing a whole lot of movement today. perhaps that's a reflection t
it was hammered basically from the start in europe. it's not as bad but similar with bae systems, down about 6% on the day. the questions that are coming out of europe primarily today follow a couple of analysts over there who have cut their ratings for bae and eads basically on skepticism that this deal is going to produce the benefits that many people have initially thought. the analysts are concerned about the complex ownership structure. you've got france, you've got germany, and now you'll...
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Sep 20, 2012
09/12
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so europe is not fixed, period. >> no, i would say that's a pretty fair statement. >> end of statement. since the last time i was here, the fed did qe3. $40 billion a month, forever. they're keeping interest rates down to, what? low through 2015. but what if interest rates, as larry and herb, bunch of people have said, go up on their own? >> what is the fed to do? >> and every -- i forget what it is -- that could happen. we are not alone in this and the fed doesn't really govern it. and last, but certainly not least, my favorite subject -- jobs. no one has jobs anymore. there was lousy job information this morning. where are we creating jobs? buying back $40 billion worth of mortgages may help the housing market, but who's buying those houses? >> if they don't have jobs. >> yeah. >> yeah. do you think the market will wake up to that? is it preoccupied with the fiscal cliff, even though it perhaps is not getting as much press in some sectors as it should be. we certainly cover it aggressively here at cnbc -- >> but congress isn't. >> but congress is. your word, not mine. when do you thi
so europe is not fixed, period. >> no, i would say that's a pretty fair statement. >> end of statement. since the last time i was here, the fed did qe3. $40 billion a month, forever. they're keeping interest rates down to, what? low through 2015. but what if interest rates, as larry and herb, bunch of people have said, go up on their own? >> what is the fed to do? >> and every -- i forget what it is -- that could happen. we are not alone in this and the fed doesn't...
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Sep 4, 2012
09/12
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simon on europe, steve on the fed and bob on the markets. >> thank you. we hit four year highs the middle of august. since then, it's been tough, the four year high, the middle of august. the trend is to the downside. the biggest pressure is risk on group. material stocks, down the most. 3, 2%, you're looking at a one month chart of materials. this is the classic risk on trade, global names that would benefit from improvement in the global economy. the risk on trades instead of the dollar, on the weak side and indicating concerns about slower growth is outweighing the lower dolla dollar. >> all right. thank you very much. the fed is up next. what can that mean but steve liesman. steve. >> seems likely the fed will act when it meets next week. three reasons, the data has been fair to midland with 2% growth seen as insufficient to bring down the unemployment rate and fed chair ben bernanke laid the groundwork suggesting quantitative easing could help the recovery and stagnation is a great concern. the open market committee said many voting members saw the n
simon on europe, steve on the fed and bob on the markets. >> thank you. we hit four year highs the middle of august. since then, it's been tough, the four year high, the middle of august. the trend is to the downside. the biggest pressure is risk on group. material stocks, down the most. 3, 2%, you're looking at a one month chart of materials. this is the classic risk on trade, global names that would benefit from improvement in the global economy. the risk on trades instead of the...
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Sep 21, 2012
09/12
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there isn't a lot going on with europe right now. the biggest news in europe according to many traders i talked to was that italy yesterday talking about maybe bigger deficits, smaller gdp. i looked at the 10-year in italy. it definitely crept up a little bit today but not huge. you don't feel the anxieties. it seems as though the rate drop on 10s and indeed in bunds is more getting back to where it was before some of the quantitative easing or bank of japan statement was read. bank back to bank of japan. if you look at the dollar/yen over about a month, we can clearly see that the dollar is moving back down towards that $78 level 77.5 was the six-month which coincidentally happened to be on the day of the statement on the 13th. >>> bob with us, bob pittman, ceo of cc media holdings and the brains behind the iheart radio music festival in las vegas. he's also former ceo of mtv networks, aol, six flags, century 21 and time warner ernt prices. i can't believe he's done that much in his short life but he has. he's back with us. he has a
there isn't a lot going on with europe right now. the biggest news in europe according to many traders i talked to was that italy yesterday talking about maybe bigger deficits, smaller gdp. i looked at the 10-year in italy. it definitely crept up a little bit today but not huge. you don't feel the anxieties. it seems as though the rate drop on 10s and indeed in bunds is more getting back to where it was before some of the quantitative easing or bank of japan statement was read. bank back to...
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Sep 5, 2012
09/12
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but with the headwinds that we are getting of europe, the slowdown in china, this is not something that is easy. and i think the programs have worked and the policies have worked. the reality is none of us are happy with where we are but we're much better off than any developed country in the world right now. >> i'd like to turn to a question of taxes and a proposal gnat administration has to increase taxes on the highest earners in the economy. >> sure. >> the company that you co-founded carmax is not a small company now. it once was. i'd like to put yourself in the shoes of a small business owner who is thinking about the possibility that his or her tax rate is going to up by 3% at the margins under a second obama administration. if he's re-elected. would that if you were in their shoes affect your ability, your intention to add jobs because as you know -- >> no. >> -- mr. romney said this kills job creation. >> look. taxes were higher than they are today when we founded carmax. taxes were higher under george w. bush. they were higher under ronald reagan. the answer is that's marginal
but with the headwinds that we are getting of europe, the slowdown in china, this is not something that is easy. and i think the programs have worked and the policies have worked. the reality is none of us are happy with where we are but we're much better off than any developed country in the world right now. >> i'd like to turn to a question of taxes and a proposal gnat administration has to increase taxes on the highest earners in the economy. >> sure. >> the company that...
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Sep 17, 2012
09/12
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later in the week, europe will have their flash pmi. that could also just change the view perhaps from where we are with the recovery or not in europe and the actions of the ecb and the fed. mary, what are you watching as we head into the afternoon trade? >> we're watching to see whether or not the markets decline accelerates. it's been trading at a fairly narrow range throughout the day but it is starting to wide an little bit. basically mondays have not been stellar for the markets to say the least and in fact the first day of any trading day of any week, be it a monday or tuesday, down 15 of the last 16 sessions. no change here as we head into the second half of trading. again, hard to tell. this is a quiet session. there's a jewish holiday. volumes are very low. but you get the sense after all the build-up about qe3 and about the next space for the european situation, you get the feeling that investors are taking a bit of a breather here. it could be until earnings season that we see any swing one way or the other. >> you have big,
later in the week, europe will have their flash pmi. that could also just change the view perhaps from where we are with the recovery or not in europe and the actions of the ecb and the fed. mary, what are you watching as we head into the afternoon trade? >> we're watching to see whether or not the markets decline accelerates. it's been trading at a fairly narrow range throughout the day but it is starting to wide an little bit. basically mondays have not been stellar for the markets to...
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Sep 25, 2012
09/12
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the area wes like are those distressed, distressed real estate, distressed assets in europe, we think you can play those through hedge funds, in addition, we think there are opportunities and individual securities going to benefit. those can be all across europe, you can buy a typical stock at a pe of let's say 10 as compared to a pe of 20 on a forward-looking basis in the u.s. and you get the same multinational exposure. overweight certain markets and underweight others. >> i didn't mean interrupt you. any other individual stocks here you want to mention that stand out from the hedge fund universe? >> one of them we mentioned, google last time we were on, this time, cvs caremark, a good performer, benefiting from the fight between wallgreens and express scripts and blockbuster generic trucks coming on now, we think that stock will do well and many of the hedge funds are holding that. >> further gains from here? >> yes. i think that you want to keep your exposure to head funds consistent. average 1 s in the typical wealthy client's port foal yoerks makes sense, prosides are diversific
the area wes like are those distressed, distressed real estate, distressed assets in europe, we think you can play those through hedge funds, in addition, we think there are opportunities and individual securities going to benefit. those can be all across europe, you can buy a typical stock at a pe of let's say 10 as compared to a pe of 20 on a forward-looking basis in the u.s. and you get the same multinational exposure. overweight certain markets and underweight others. >> i didn't mean...
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Sep 14, 2012
09/12
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fragments regulation across europe plus a number of established rivals. the real opportunity may lie here in the u.s. where online gambling is still illegal, but zynga and some others are lobbying for regulatory change. tyler, if zynga did have the opportunity to launch in the u.s., they might partner with a big casino. this is certainly an area to watch. over to you. >> all right, julia. thank you very much. 25 years after andy warhol's death, the artist continues to resonate among collectors who need to pay top dollar. sometimes tens of millions to get their hands on some of his work. no surprise perhaps that the foundation that bears warhol's name is going to soon flood the market is hundreds of warhols, in a move that has some collectors up in arms. the foundation obviously wants to raise some capital. more now from milton, the publisher of art news, the most widely read art magazine in the world, and cnbc.com's robert frank. mr. essero, let me begin with you. why is the foundation doing it this, and what effect is this likely to have on the price of
fragments regulation across europe plus a number of established rivals. the real opportunity may lie here in the u.s. where online gambling is still illegal, but zynga and some others are lobbying for regulatory change. tyler, if zynga did have the opportunity to launch in the u.s., they might partner with a big casino. this is certainly an area to watch. over to you. >> all right, julia. thank you very much. 25 years after andy warhol's death, the artist continues to resonate among...
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Sep 12, 2012
09/12
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abercrombie has pointed to weakness in europe during its continued downturn. one large reason for the stock's underperformance but the stock has rebounded much as european concerns are mitigated. at this point it is unclear how much pressure relationals ralph whitworth will put on the company. shares continue to see weakness. abercrombie declined to comment, as did goldman sax. >> the stock was negative, then it moved to positive on kayla's report. it's turned back into the red. >>> we're back in just about a minute with the final update from the apple event. a passionate belief, and the foundation on which merrill lynch has been built. today, our financial advisors lead from a new position of strength. together with bank of america, they have access to more resources than ever before. a steadfast commitment to help you achieve your financial goals in life. that's the power of the right advisor. that's merrill lynch. oh, hey alex. just picking up some, brochures, posters copies of my acceptance speech. great! it's always good to have a backup plan, in case i g
abercrombie has pointed to weakness in europe during its continued downturn. one large reason for the stock's underperformance but the stock has rebounded much as european concerns are mitigated. at this point it is unclear how much pressure relationals ralph whitworth will put on the company. shares continue to see weakness. abercrombie declined to comment, as did goldman sax. >> the stock was negative, then it moved to positive on kayla's report. it's turned back into the red....